"JP摩根美股石油服务设备行业秋季手册详解"

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The North America Equity Research report released by JP Morgan on September 11, 2019, focuses on the Oil Services sector within the US stock market. The report specifically delves into the Oil Services and Equipment industry, providing strategic insights and analysis for investors. The document, titled "Autumn Oil Services and Equipment Handbook," spans from pages 9 to 26, offering a comprehensive overview of the current landscape and future prospects for companies operating in this sector. The report covers a range of topics, including market trends, key players, investment opportunities, and potential risks. JP Morgan's research highlights the challenges and opportunities facing the Oil Services and Equipment industry in the current market environment. The report discusses various factors impacting the sector, such as fluctuating oil prices, regulatory changes, and global economic conditions. Moreover, the document offers detailed profiles of leading companies within the Oil Services and Equipment industry, providing in-depth analysis of their financial performance, competitive positioning, and growth strategies. Investors can use this information to make informed decisions about their investment portfolios and capitalize on emerging opportunities in the sector. Overall, the Autumn Oil Services and Equipment Handbook from JP Morgan serves as a valuable resource for investors looking to navigate the complexities of the Oil Services industry. With its comprehensive analysis and strategic insights, the report equips investors with the knowledge and tools necessary to make successful investment decisions in this dynamic and ever-evolving sector.

North America

Equity Research

September 2019

Sean C Meakim, CFA

(1-212) 622-6684

sean.meakim@jpmorgan.com

supportive to both the front- and back-ends of the futures curve. In such a

scenario, we’d expect more of the economic rents to (eventually) flow back into

OFS, though we see this as a multi-year process. FTI remains our top overall

pick in the sector.

 Rolling price targets to Dec-2020, average PT -9% v. prior (and -18% v.

consensus); average implied upside only +12%. In separate individual

company model updates, we are establishing 2021 estimates and moving to Dec-

2020 price targets across our coverage.

North America

Equity Research

11 September 2019

Sean C Meakim, CFA

(1-212) 622-6684

sean.meakim@jpmorgan.com

Table 1: Changes to Price Targets and Estimates

Source: Company reports, J.P. Morgan estimates, Bloomberg. Prices as of September 10, 2019.

Company Ticker

Ne w

Ra ting

Pr ior

Rat ing

PT Pr ior PT Ups ide Price EP S Prior EPS EPS Prior EPS EPS EBITDA Prior EBITDA EBITDA Prior EBITDA EBIT DA

$/sh $/sh to PT % $/s h 2019e 2019e 2020e 2020e 2021e 2019e 2019e 2020e 2020e 2021e 2019e 2020e 2019e 2020e 2021e

Halliburton HA L OW OW $25 $30 25% $20.03 1.25 1.30 1.45 1.90 1.50 3,742 3,753 4,028 4,507 4,152 0% -11% -2% -5% -10%

Schlumberger SLB N N $34 $34 (9%) $37.46 1.45 1.45 1.55 1.55 1.65 6,738 6,738 6,957 6,957 7,068 0% 0% 0% -7% -12%

Large Cap Services Avg 8% 0% -5% -1% -6% -11%

Cactus Inc . WHD OW OW $36 $40 23% $29.21 1.90 1.90 1.90 2.10 2.00 229 231 232 259 245 -1% -10% 0% -3% 3%

Dril-Qu ip DRQ N N $48 $48 (6%) $51.16 0.15 0.15 1.05 1.05 1.35 47 47 80 80 96 0% 0% -7% -11% -19%

TechnipFMC FTI OW OW $32 $30 24% $25.71 1.55 1.55 2.00 2.00 2.20 1,646 1,664 1,717 1,727 1,778 -1% -1% 0% 7% 3%

Forum Energy Technologies FET N N $1.88 (0.25) (0.25) (0.05) (0.05) (0.00) 76 76 81 80 80 0% 1% 1% 0% -28%

National Oilw ell Varco NOV N N $22 $22 (7%) $23.74 0.10 0.10 0.50 0.60 0.60 778 794 922 976 976 -2% -6% 1% -9% -22%

NCS Multistage NCSM N N $2.43 (0.35) (0.35) (0.35) (0.35) (0.25) 15 15 21 21 29 0% 0% 51% -16% -

Oceaneering International OII UW UW $11 $12 (27%) $15.05 (0.80) (0.80) (0.25) (0.15) (0.25) 156 156 185 198 192 0% -6% -3% -14% -24%

Oil States International OIS N N $14 $16 (11%) $15.66 (0.80) (0.60) (0.40) 0.00 0.05 94 110 125 158 156 -14% -21% -14% -16% -15%

Capital Equipm ent Avg (1%) -2% -5% 4% -8% -14%

Core Laboratories CLB N N $50 $60 10% $45.45 1.85 1.86 1.90 2.10 1.95 141 142 146 159 151 -1% -8% 0% -10% -17%

Frank's International FI UW UW $5.13 (0.35) (0.35) (0.20) (0.15) (0.10) 63 63 89 98 105 0% -9% 2% -4% -9%

Keane Group FRAC NR NR $5.96 (0.00) 0.05 (0.10) 0.15 (0.35) 304 308 297 334 287 -1% -11% 2% -7% 1%

Liberty Oilfield Services LBRT OW OW $13 $16 16% $11.22 1.17 1.24 1.13 1.68 1.13 336 348 319 392 306 -3% -19% -1% -12% -20%

National Energy Services Reunited NESR OW OW $14 $14 83% $7.66 0.90 0.90 1.05 1.25 1.05 198 198 238 259 260 0% -8% 1% 2% -3%

Nine Energy Services NINE OW OW $9 $17 41% $6.40 0.10 0.05 (0.05) 0.85 (0.20) 127 128 124 164 120 -1% -24% 9% -7% -32%

ProPetro Holding PUMP OW OW $17 $18 63% $10.45 2.80 3.35 2.55 3.55 2.30 511 576 520 651 516 -11% -20% 3% 1% -6%

Select Energy Services WTTR N N $8 $8 (6%) $8.51 0.50 0.60 0.60 0.95 0.55 187 193 183 218 174 -3% -16% 6% -14% -

Superior Energy Services SPN N N $0.35 (1.00) (1.00) (0.80) (0.65) (0.75) 259 264 253 280 267 -2% -10% 0% -11% -14%

Smid-Cap Services Avg 34% -2% -14% 2% -7% -12%

NOW Inc. DNOW N N $11 $10 (11%) $12.31 0.31 0.35 0.40 0.45 0.40 97 104 108 116 109 -7% -7% -7% -10% -22%

MRC Global MRC OW OW $17 $18 30% $13.11 0.61 0.85 1.15 1.90 1.30 210 237 251 324 269 -11% -22% -7% -3% 0%

Distributors Avg 10% -9% -15% -7% -7% -11%

Helmerich & Payne HP OW OW $45 $54 7% $42.16 1.28 1.35 0.41 1.30 0.34 767 776 671 807 674 -1% -17% -3% -10% -16%

Nabors Indus tries NBR UW UW $2.36 (1.10) (1.10) (0.55) (0.40) (0.60) 821 827 869 950 887 -1% -8% 1% -3% -5%

Precision Drilling PD CN N N $1.86 (0.10) (0.10) (0.25) (0.10) (0.35) 378 384 353 418 321 -1% -15% -3% -13% -28%

Patterson-UTI Energy PTEN N N $7 $9 (27%) $9.65 (0.90) (0.90) (1.50) (1.10) (1.75) 664 666 536 646 490 0% -17% 3% -11% -28%

Onshore Drilling Avg (10%) -1% -14% -1% -9% -20%

Diamond Offshore DO UW UW $7.66 (2.75) (2.75) (1.65) (1.65) (1.80) 64 64 212 212 197 0% 0% -28% 0% -3%

Noble Corp NE UW UW $1.96 (1.70) (1.65) (1.35) (1.35) (1.20) 307 307 403 403 452 0% 0% 4% 4% -3%

Transocean RIG UW UW $5.49 (1.30) (1.30) (0.65) (0.65) (0.40) 897 897 1,196 1,196 1,327 0% 0% -2% 4% -9%

Valaris VAL N N $6.32 (5.65) (5.65) (3.45) (3.45) (2.70) 141 141 396 396 500 0% 0% -17% -2% -31%

Offshore Drilling Avg - 0% 0% -11% 1% -11%

Coverage Group Avg 12% -2% -9% 0% -6% -14%

v. ConsensusDe lta vs Prior

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